CORRECTION: HS Orka hf Announces Financial Statement for 2013

February 27, 2014 09:34 ET | Source:HS Orka hf.

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This is a correction of the Financial statement of HS Orka hf. 2013 published 22:45 on February 25th 2014. Reasons for the correction: In the first paragraph text was added to clarify that the International Financial Reporting Standards (IFRS) are adopted by the European Union. Also a wrong number was put in for the operating revenue for 2012, the number was 6,811 but the right number is 6,881. In the attachment, which was the Financial Statment for 2013, names of the companys´ auditors were missing and their signatures were added on page 5.

Financial Statements for 2013 of HS Orka hf. were approved at a Board of Directors' meeting on 25th of February 2014. The Financial Statements of HS Orka hf. is prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and is in ISK. The Financial Statement can be found on the company´s website http://www.hsorka.is

Main Matters:

· Operating revenue increased to ISK 7,031 million for the year 2013, but was 6,881 in 2012. Loss for the period amounted to ISK 355 million, with the comparable number for 2012 being a profit of ISK 653 million. Total comprehensive loss amounted to ISK 434 million but there was total comprehensive income of ISK 5,509 million in 2012.

· Equity ratio is very strong, at the end of the period the ratio was 58,0%. (2012: 53.4%)

· Net finance income and cost have a decisive influence on the result now as so often before. Change in embedded derivatives in power purchase agreement (linked to aluminum price) was negative ISK 4,138 million in 2013 compared to a negative change of ISK 201 million in 2012. Currency gain in 2013 was around ISK 1,602 million but there was a foreign exchange loss of ISK 782 million in 2012.

· The company‘s EBIDTA was ISK 2,603 million in 2013 compared to ISK 2,923 million in the same period of 2012. EBIDTA is strong and increase in revenue was 2% or ISK 150 million which amounted to 7,031 ISK million for the year compared to ISK 6,881 million for 2012. Operating cost increased around 17% or ISK 787 million between the years. The increase in revenue is mainly due to increased sales to the retail market, offset by a decrease in aluminum prices. On the cost side there is an increase in power purchases and transmission cost. Maintenance drilling was performed on two wells, while there was no such drilling in same period last year.

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